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In: Statistics and Probability

Considering the following time series data: (Tableau) Determine the least squares trend equation. Use a linear...

Considering the following time series data: (Tableau)

  1. Determine the least squares trend equation. Use a linear equation and any other non- linear equation. Provide R-squared for both cases.

  2. Estimate the price of gold (ounce) for 2020. Does this seem like a reasonable estimate based on historical data?

  3. What is the quality of the forecast? Also, Provide Mean Absolute Error (MAE), and the Mean Absolute Percentage Error (MAPE).

Year

Price of Gold (ounce)

2005

$513.00

2006

$635.70

2007

$836.50

2008

$869.75

2009

$1,087.50

2010

$1,420.25

2011

$1,531.00

2012

$1,664.00

2013

$1,204.50

2014

$1,199.25

2015

$1,060.00

Please provide step by step tabulea solution and output.

Solutions

Expert Solution

orchestra answered 1 year ago
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